Bitget and Foresight Ventures Launch $20M Fund to Boost Telegram's TON Ecosystem
Summary:
The Open Network (TON), Telegram's blockchain and cryptocurrency ecosystem, is set to benefit from a new $20 million fund launched by Bitget crypto exchange in partnership with Singapore's Foresight Ventures. The TON Ecosystem Fund aims to support early-stage projects on TON and provide liquidity on the Bitget platform. The initiative seeks to leverage TON's projected growth in 2024, spurred by Telegram's 900 million monthly users. Over the past two months, the total value locked in the TON ecosystem increased fivefold to reach $600 million.
Telegram's blockchain and cryptocurrency platform, The Open Network (TON), is set to receive further enhancements thanks to a fresh funding injection from Bitget crypto exchange. In collaboration with Singaporean investment firm Foresight Ventures, Bitget is unveiling a $20 million TON Ecosystem Fund, as reported to Cointelegraph on June 26. The fund, worth $20 million, is targeted at nurturing startups on TON, given the surge in TON-based apps and its proprietary cryptocurrency, Toncoin (TON). At its core, the fund aims to foster project development within the TON environment, not excluding liquidity provision on Bitget's platform, the statement reveals.
The funding scheme is positioned to capitalize on TON's anticipated growth in 2024. In line with projections by Delphi Digital, TON ecosystem's expansion is buoyed by a 900 million-strong monthly user base on Telegram, which is leading to an increasing daily patronage of crypto. Since mid-June, nearly every day for almost a month, TON blockchain reported more active user addresses compared to Ethereum.
Delphi Digital also observed that the total value locked (TVL) in the TON ecosystem shot up by over five times in the last two months and now stands at $600 million. This growth is attributed to the addition of new projects and assets including TON-based Tether (USDT), DeDust.io, Ston.fi, among others.
Bitget CEO, Gracy Chen, expressed delight in the TON ecosystem's trajectory, noting the positive correlation between rising user numbers, TVL, and token price. He further stated, "We are bullish on TON's potential to facilitate a fairer future. Our Telegram Signal Bot is evidence of our commitment to empowering the community and improving user experience."
More updates will follow in this unfolding story.
Published At
6/26/2024 12:59:00 PM
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